Expert Networks Market Size, Share, Growth, and Industry Analysis, By Type (Transaction-based, Subscription-based), By Application (Private Equity, Consulting Firm, Public Equity, Others) and Regional Forecast to 2031

Updated On: 10 June 2024

EXPERT NETWORKS MARKET REPORT OVERVIEW

The global expert networks market size was USD 2438.53 million in 2022 and the market is projected to touch USD 5951.83 million by 2028, exhibiting a CAGR of 16.03% during the forecast period.

Expert networks are services that companies use to connect with experts in various fields. Companies and investors use expert networks to hire consultants with expertise in a specific industry, topic or type of business. Experienced network service providers typically gather information from clients about the type of expertise they need, determine which experts in their network are most likely to meet those needs, and help arrange a phone call or in-person meeting between the expert and the expert customer. These certified experts help companies, for example, create a business strategy, conduct market research and develop a company's brand and marketing strategy.

Moreover, with the growth of online work and the rapid development of technology, the demand for relevant inside information about changing markets and industries is increasing, and  expert networks offer even wider  opportunities for experts and companies. The Expert Network provides expert knowledge in addition to customer research skills, allowing customers to directly answer the  questions they face, and therefore more directly relevant than secondary research, greatly simplifying and speeding up their research process.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The global increase in cases of COVID-19 is slowing the economy and many people are now working remotely. Businesses need the right technologies to provide network infrastructure flexibility and security for remote work. As further changes are made to the network, companies can use network consulting services to identify their network risks and vulnerabilities. Therefore, online counseling services have become increasingly popular during the pandemic. Thus, COVID-19 has had a positive impact on the online expert network market.

LATEST TRENDS

"Demand For Relevant And Important Information to Drive Market Growth"

A latest trend in the global expert networks market is the demand for relevant and important information is increasing. Modern industries and markets are also constantly changing. Therefore, the expert network has become an essential service need for companies. The knowledge this service provides goes beyond what customers can research. For example, it allows them to get the right answers to their questions. Professional networks are important and safe sources. In fact, they work better than other research methods. For example, it has an advantage over team-based desktop research. They also work better than buying market data and market reports.

MARKET SEGMENTATION

By Type

Based on type the market can be categorized into Transaction-based, Subscription-based.

The most popular revenue model is "pay-per-use," in which an expert network bills the client per hour of expert consultation multiplied by the expert's "credit" price. The expert network then pays the expert a portion of this.

By Application

Based on application the global market can be categorized into private equity, consulting firm, public equity, others.

 Private equity works with investors to invest in private enterprises or acquire public corporations.

DRIVING FACTORS

"Increasing Provision Of Remedies To Shortages In Industries to Boost the Market"

One of the key driving factors in the expert networks market growth is the provision of remedies to shortages in certain industries could be the most significant benefit of expert networks. As the Russia-Ukraine conflict continues to disrupt global supply chains, expert networks relieve corporations of the burden of establishing specialized teams to overcome macroeconomic challenges and provide clients with the solutions they require in challenging times. This is especially true for the healthcare industry in the midst of the COVID-19 outbreak. Expert networks have also benefited the technology industry. This past year, tech behemoths encountered a software developer shortage, which was primarily due to retaining talent, working with limited resources, and increased client demands.

"Increasing Professionals With Specialized Knowledge to Expand the Market"

Another factor which is driving the expert networks market growth is professionals with specialized knowledge, expert networks help to inform healthcare and life sciences decision-making. Stakeholders get important insights, access varied viewpoints, and make well-informed decisions through discussions and partnerships with experts, eventually promoting innovation and advancement in the sector. Pharmaceutical businesses, for instance, can cooperate with experts in certain therapeutic areas to accelerate the discovery of novel drugs and therapies. Alternatively, healthcare companies should seek advice from network regulatory professionals to assure compliance and avoid costly mistakes. Alternatively, they could aid in the response to emergent difficulties by allowing healthcare specialists to interact quickly via the network to share information, design plans, and optimize response efforts.

RESTRAINING FACTOR

"Deployment of Solutions And Unfavorable Industry-Specific Legislation To Impede Market Growth"

One of the key restraining factors in the global expert networks market is the Industry-specific rules and other specifications and benchmarks change. Businesses may suffer from the development of unfavorable industry-specific legislation, rules, interpretations or standards. Customers Use and deployment of Solutions and Services may be limited; resulting in a lower total amount demand is driven by compliance costs and other constraints resulting from industry-specific rules, regulations and interpretive positions. To comply with these regulations, service providers may devote significant resources to supporting certain customers, which can increase costs and lengthen sales cycles. However, the entire business can be affected if companies fail to comply with the regulations or if end users fail to comply with the rules or if customers do not receive approval from the authorities to use the services.

MARKET REGIONAL INSIGHTS

"Asia Pacific to Dominate the Market due to Increase In Demand For The Network Infrastructure"

The Asia Pacific region, particularly China, India, and Japan, is expected to account for a large chunk of the regional expert networks market share. Due to an increase in ICT spending, the expert networks market is likely to grow significantly during the forecast period. Furthermore, the market is growing due to an increase in demand for effective network infrastructure and an increase in internet penetration.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The expert networks market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features in expert networks market, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Dialectica (U.K.)
• AlphaSights (U.K.)
• Tegus (Ireland)
• Clarity (U.S.)
• Zintro (U.S.)
• Atheneum (Germany)
• DeepBench (U.S.)
• Inex One (U.K.)
• Visas Q (Coleman Research) (U.K.)
• CleverX (U.S.)
• Guidepoint (U.S.)
• Capvision (U.K.)
• proSapient (U.K.)
• Arbolus (U.K.)
• NewtonX (U.K.)
• Third Bridge (U.K.)
• Stream by AlphaSense (U.K.)
• Gerson Lehrman Group (GLG)

INDUSTRIAL DEVELOPMENT

• February 2023: Reeracoen Singapore, a major human resource services company in Singapore, is pleased to announce the launch of Brainsight, their new Expert Network Service (ENS). Brainsight, an addition to Reeracoen's present array of services, provides businesses with complete knowledge and business intelligence.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.